Sumitomo puts \$29 bn takeover bid for UFJ Sumitomo Mitsui Financial Group (SMFG), Japans second largest bank, today put forward a 3,200 billion (\$29 billion) takeover bid for United Financial Group (UFJ), the countrys fourth biggest lender, in an effort to regain initiative in its bidding  
Is this a piece of news regarding world politics, sports, business, or science and technology? 